Summary:
The digital sector in Monaco has surpassed 1,100 active establishments, with growth in advertising and ICT, despite a slight decrease in employment and a drop in revenues for content and communications.
Full Story:
Monaco’s digital sector has surpassed 1,100 active establishments for the first time, with a growth rate of 5% in 2024. This brings the total number of digital establishments in the principality to 1,103. Over the past decade, the sector has grown by 64.4%, adding 432 new structures and accounting for 9.2% of all economic entities in Monaco. The advertising and communication industry comprises almost half of Monaco’s digital companies (49%), with a strong presence in design activities (22.5%) and advertising agencies (14.2%). The information and communication technology sector comes in second at 38.9%, dominated by systems and software consulting (13.9%) and programming (10.3%). Digital content and media make up 12% of the establishments.
In 2024, the digital sector saw the creation of 115 new companies and the closure of 62, resulting in a net increase of 53 entities. This growth was driven by the advertising and communication industry (+23 entities) and information and communication technology (+20 entities).
Despite a modest overall increase in revenue by 0.7% to €976.5 million in 2024, there are significant disparities among sub-sectors. The information and communication technology industry experienced a growth of 6.2% (€37 million) and now contributes nearly two-thirds of the total digital revenue (€637.6 million). However, digital content and media declined by 8.7% (€19.5 million), and advertising and communication decreased by 7.4% (€10.5 million).
While Monaco’s private employment sector grew by 3.6%, the digital sector experienced a 2% decline in employment, with 2,040 employees in 2024. This decrease was primarily due to a loss of 40 positions (-13.5%) in the advertising and communication industry. Information and communication technology remains the largest employer in the sector, employing 1,478 people.
The typical digital worker in Monaco is a 41-year-old French man living in the Alpes-Maritimes. The sector remains predominantly male (71.2% compared to 62.1% in the private sector as a whole), although the advertising and communication industry has better gender parity.
Nearly 90% of employees reside in France (with 73.9% in the Alpes-Maritimes), while Monégasques account for only 9% of the workforce. The most represented nationalities are French (83%), followed by Italians (5.2%), and Monégasques (1.5%).
Source:
Monaco Tribune
